Ann: Bowdens Silver Project Achieves Major Approvals Milestone, page-32

It really does come down to the price of silver in Aussie dollars.

We still have to fund the capital works of around $250M. Will this be part equity part finance.

I would like the shares to be higher if we are to use equity. Say at 40c we raise $180 with equity and the balance is financed (depends on terms). This will get our SOI to around 1600 million.

To reach $10 we will have a market cap of $16billion and need to be making $1,600M in profit. Using a P/e of 10 Which means we would need to increase production from 6million oz per year of to say 10m and we would need silver price to be over $112/oz US.

I just don’t see it. Not unless production increases and the price of silver explodes. I mean is $112/oz highly unlikely??

Where as I do see us getting to $1-$1.50. If things go well.